SAP to Work Closely with Citi and RBS on Cloud-based Services Platform

SAP is to work closely with Citi and the Royal Bank of Scotland (RBS) to co-innovate a cloud-based services platform. The highly interoperable, multi-bank platform aims to seamlessly integrate banks with their corporate customers. A combination of SAP’s expertise in enterprise resource planning (ERP), treasury management software and new cloud services technologies is driving the solution development. Together with the industry expertise and global networks of Citi and RBS, SAP aims to deliver a new, innovative solution to the corporate banking marketplace.

Due to size, complexity and a reliance on non-standardised legacy systems, banking architectures have historically been isolated entities unique to each bank. This has led to businesses and banks shouldering the burdens of higher connectivity costs and juggling multiple relationships with one another. SAP, Citi and RBS have tasked themselves to define a new, more flexible architectural model that reduces the cost and time-to-value of these interactions.

Sanjay Poonen, president, global solutions, SAP, said: “Integrating banks with corporate ERP and treasury systems has always been an expensive proposition for banks and corporations alike. Furthering SAP’s commitment to the cloud, the banking industry and our many thousands of corporate customers, this solution will dramatically ease corporate banking. This will allow corporate customers to seamlessly extend their ERP and treasury systems and interface with multiple banks.”